Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing strategy and enhancing its internationalization efforts while providing a quality addition to the Hong Kong stock market [1] Fundraising Focus - The company raised HKD 12.03 billion by issuing 108 million shares at HKD 12 per share, with the proceeds allocated to strengthen its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [1][2] - The fundraising aims to enhance the company's capital base to support its international business expansion and optimize its business structure [2] Business Development - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The company's domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [3] Financial Performance - From 2022 to 2024, the company's revenue grew from CNY 954 million to CNY 1.355 billion, while net profit increased from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved revenue of CNY 593 million and a net profit of CNY 231 million, maintaining a high net profit margin of 39% [4] Future Growth Strategy - The dual listing coincides with a strategic upgrade in the domestic futures industry, driven by increasing demand for risk management solutions and supportive policy frameworks [5] - Nanhua Futures plans to deepen its international strategy by expanding its overseas market coverage and enhancing cross-border financial service capabilities [6] - The company aims to transition from a "brokerage" model to a "professional service" model, focusing on risk management services, OTC derivatives, and wealth management [6]

Core Viewpoint - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange, marking a significant milestone in its nearly two-decade internationalization strategy, with a clear development logic aimed at reshaping industry value innovation paths [1] Group 1: Business Performance and Structure - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management, wealth management, and overseas financial services, ranking eighth among domestic futures companies by total revenue in 2024 and first among non-financial institution-backed futures companies [2] - The company's operating income is projected to grow from 954 million yuan in 2022 to 1.355 billion yuan in 2024, with profits increasing from 246 million yuan to 458 million yuan during the same period, demonstrating strong resilience [2] - The optimization of business structure is a key support, with client equity in traditional domestic futures brokerage increasing by 65.4% to 31.6 billion yuan from the end of 2022 to the end of 2024, while overseas financial services have become a core growth engine [2] Group 2: Client Structure and Fundraising - The number of corporate clients reached 5,279 and financial institution clients reached 1,872 by the first half of 2025, with revenue contribution from institutional clients continuously increasing, reducing reliance on individual investors and enhancing business resilience [3] - The global offering of H-shares is set at 108 million shares, with a net fundraising expected to be nearly 1.3 billion HKD, which will be fully injected into the core platform of Nanhua Futures' overseas business [3] Group 3: Internationalization Strategy - Nanhua Futures began its internationalization journey in 2006 and has established a presence in major financial centers including Hong Kong, Chicago, Singapore, and London, creating a 24-hour global financial service network [4] - The company has obtained 18 trading memberships and 15 clearing memberships from major global exchanges, with several qualifications unique to Chinese institutions, enhancing its competitive edge in international markets [4] Group 4: Industry Trends and Future Outlook - The increasing homogenization of the domestic futures industry has intensified competition, making overseas expansion a necessary choice for leading companies, with Nanhua Futures setting a benchmark for transformation from channel services to comprehensive solutions [5] - The establishment of the "A+H" dual capital platform enhances corporate governance and brand internationalization, driving the dual-wheel growth of domestic and overseas businesses [6] - Long-term, the scarcity of licenses, a global customer base, and innovative business layouts are core to Nanhua Futures' valuation reconstruction, with expectations for high growth in overseas business driven by the internationalization of Chinese enterprises and rising demand for risk management [6]